Caixin
ECONOMY

Ping An Unit Buys $2 Billion Stake in Developer

The investment arm of Ping An Insurance paid $2.07 billion for 580 million shares of Shanghai-listed real estate developer China Fortune Land Development.
The investment arm of Ping An Insurance paid $2.07 billion for 580 million shares of Shanghai-listed real estate developer China Fortune Land Development.

The parent of China Fortune Land Development Co. Ltd. (CFLD) has sold 580 million shares of the Shanghai-listed real estate developer to the investment arm of Ping An Insurance for $2.07 billion.

The sale, which amounted to 19.7% of CFLD’s total shares, leaves its parent, China Fortune Land Development Holding, with a 42.67% stake in CFLD, down from 61.67% before the sale, according to a filing with the Shanghai Stock Exchange on Tuesday. On the other side, the sale increases Ping An Asset Management Co. Ltd.’s stake in CFLD to 19.88%.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.